Tricky

1- Performance is measured and compared to the baselines to identify deviations from the project management
plan. These deviations indicate the need for corrective action.
2- Saving time may have an impact on other constraints, which needs to be assessed. The project manager would
not need to obtain outside approval if the changes are within the approved scope of the project.
3- Historical records include lessons learned from past, similar projects, which may help you plan your own project
and benefit from previous successes and failures. Although you may find some templates and/or the risk register
from previous projects to be useful, your plan should be specific the needs of your particular project. Historical
records are best used as a starting point, and adapted by the project manager. Policies and procedures are parts
of organizational process assets, and not specifically historical records.
4- Additional identified risks and a large number of project changes can indicate that a project is in trouble.
5- The process of risk management removes many of the things that can go wrong on a project and finds ways to
save time and cost. Therefore, the project can generally be completed faster and cheaper.
6- Other than the critical and near-critical paths, the highest-risk path is the most important path to watch.
7- Risk management metrics are used to measure how project work is performing against the plan.
8- The risk team is responsible to help the project manager manage risk on the project. The project management
team is a group of people who help perform project management activities. Individuals who are actively
involved in the project, or may affect it or be affected by it, are stakeholders. The group that supports project
management within an organization is the project management office (PMO).
9- During project executing, a project manager conducting risk governance should be concerned with making sure
the project is following the standard policies.
10- Risk governance takes an organizational view of risk management to ensure it is practiced consistently.
11- The project manager creates lessons learned with input from the team and stakeholders. This should be done
throughout the life of the project. Then the lessons learned are documented, indexed, and stored during the
closing of the project.
12- A kickoff meeting occurs at the end of planning and therefore after the Plan Risk Management.
13- The best choice is to use standard metrics across all projects. These metrics become the baseline for measuring
risk management performance throughout the organization.
14- Estimate at completion (EAC) can be calculated at any time during project executing to forecast how much the
project will cost.
15- Organizational risk tolerance, definitions of impact ratings, a standard probability and impact matrix, and
standard methods to identify risks are company risk standards. The standards may be part of risk governance.
16- It could not be used as a template for future projects, as the data is specific to the project which generated it.
17- Risk Methodology is defined as how risk will be handled on the project and what data and tools will be used.
18- The effectiveness of risk owners is one of the items addressed in risk audits during the Monitor and Control Risks
process. This is a more formal evaluation of performance than that which may occur in a status meeting. Risk
audits may be done by the project manager and the team, or by a risk audit group.
19- The risk impact of the change on the all aspects of the project must be considered before the change is
implemented.
20- Examining and documenting the effectiveness of contingency and fallback plans occurs in a risk audit.
21- The result of risk review may be changing the order of top risks, adjusting to the severity of actual risks, and
revisiting non-top risks.
22- Risk governance involves overseeing the entire risk management process for consistency and continuous
improvement. It is required throughout the project.
23- The purpose ok risk management to systematically manage things that can go right and wrong on a project.
24- A risk review provides a way to control risks and manage changes, as well as a way to make sure everyone
understands the contingency and fallback plans. The risk review looks ahead to what should happen for risk on
the project.
25- FMEA is not part of earned value. It is an acronym for Failure Mode Effects Analysis. CPI is an acronym for Cost
Performance Index, SPI is an acronym for Schedule Performance Index, and EAC is an acronym for Estimate At
Completion.
26- To be most effective, it is best to include people in the risk review who haven't had previous involvement in risk
management for the project. These people can add new perspectives and uncover additional risks.
27- Risk owners would not be likely to perform a risk audit; although, there may be conversations in the risk audit
that include them.
28- A risk review looks forward in time to ensure existing risk response plans are adequate. A risk audit evaluates
the effectiveness of the team's risk management efforts. A risk trigger indicates that an identified risk is about to
occur.
29- Affinity diagramming sorts risks in a way that helps new risks become more visible, and therefore would be the
best choice.
30- A pre-mortem evaluation is theoretical, because it is performed before the project actually begins, yet assumes
or imagines the project has been completed.
31- Everyone involved in the project should continue to look for new risks, but this is officially the responsibility of
the project manager.
32- Assumptions testing involve analyzing the stability of assumptions made in determining risks and the
consequences if those assumptions are incorrect.
33- Data precision ranking is done during the Perform Qualitative Risk Analysis process.
34- Risk tolerance is the degree, volume or amount of the risk than an organization is willing to accept. Risk
tolerance is always expressed in limits such as from 5% to 10%, or -10% to 10%.
35- In a cost plus incentive fee contract you give the seller an incentive upon achieving certain performance
objectives mentioned in the contract. There is a difference between an award fee and an
incentive fee. An award fee is based on the satisfaction of the stakeholders and it is a
subjective evaluation. On the other hand, an incentive fee is calculated based on objective
evidence.